Do i will avail tax benefit if i have a property in the name of my wife., Income Tax

[Nishant Mishra]

Hi,

I am resident of Bharat,I have one property in the name of only my wife in Indore, now we are staying in Pune .I have not kept any share in that property in registration letter but i am paying the borrowed loan to the bank.Loan is paid through my account every month through cheques in the favor of bank.

I just want to know that can i avail tax benefit on my income under Income tax law of India, and please let me know that under which IT act of India i am eleigible.

Posts / Replies

[Ashutosh Gupta]

Benefit of interest deduction under section 24(b) of the income tax Act and deduction under section 80C of the income tax act, is available if the income is taxable under the head income from house property". As per section 22 of income tax act, assessee (tax payer) should be the owner of the house property for him to be coming under the chapter "house property".

Since the house is in name of your wife, you would not be coming under the chapter house property and would not be eligible to claim deduction of interest and principal of payment for the house property.